Chipotle Mexican Grill (NYSE:CMG) made its debut in the Middle East with the opening of a new restaurant in Kuwait. This marks the first time the company has entered a new country in over a decade.
The Mexican restaurant chain will operate this restaurant in partnership with international franchise retail operator, Alshaya Group. CMG’s restaurant in Kuwait has adjusted its operating hours this month for holidays and training, and its official grand opening is scheduled for April 23. The restaurant in Kuwait is located at one of its biggest shopping malls, The Avenues.
Chipotle and Alshaya plan to open another restaurant in Dubai later this year, and a total of four new restaurants are likely to be opened in 2024.
Is CMG Stock a Buy?
Analysts remain cautiously optimistic about CMG stock, with a Moderate Buy consensus rating based on 19 Buys and nine Holds. Year-to-date, CMG has surged by more than 20%, and the average CMG price target of $2,999.89 implies an upside potential of 4% from current levels.
